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Renault Alerts Prosecutors About Ghosn Payments in Oman
Renault SA has advised prosecutors in France of possible misuse of funds by former Chairman Carlos Ghosn to pay a Renault-Nissan alliance distributor in Oman, sources tell Reuters.
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Renault SA has advised prosecutors in France of possible misuse of funds by former Chairman Carlos Ghosn to pay a Renault-Nissan alliance distributor in Oman, sources tell Reuters.
Renault and Nissan each paid tens of millions of dollars to Suhai Bahwan Automobiles (SBA) between about 2011 and 2016 for dealer incentives, according to the sources. They also say Renault’s report indicates the payments came from Ghosn’s discretionary “CEO reserve” budgets at each carmaker rather than normal marketing and sales budgets.
The payments were sent to SBA through regional sales divisions, the sources tell Reuters. But they say much of the funds ended up in the hands of a Lebanese company called Good Faith Investments Holding, which is operated by Ghosn associates.
Good Faith Investments then moved cash to private entities in the British Virgin Islands, according to Reuters. The new service’s sources say the Renault report indicates some funds were passed to Shogun Investments LLC, a California firm operated by Ghosn’s son Anthony. The sources say there is no evidence of wrongdoing by Anthony Ghosn or that he knew the source of the funds.
Ghosn lawyers and family spokespeople deny any misuse of funds or financial wrongdoing.
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